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Boiler room fraudster ordered to pay £320,000

FSA Building Towers Airplane 480

A fraudster has been ordered to pay £320,000 at Southwark Crown Court for his part in a £27m boiler room scam.

Michael McInerney acted as a banker for a fraudulent share sales ran by boiler room operators Tomas, Kevin and Christopher Wilmot who controlled a syndicate which defrauded around 1,700 investors out of £27.5m.

He was jailed for four and a half years in April 2012 for his part in the scam. If he does not pay his sentence will be extended by a further three and a half years.

The trio were jailed for a total of 19 years. They employed McInerney to put distance between themselves and the money.

McInerney opened three different bank accounts which he claimed were for property management purposes.

They were actually set up to receive the proceeds of boiler room fraud.

The Court said the £320,000 would be used to compensate the victims of the boiler room scam.

FSA director of enforcement Tracy McDermott says: “McInerney played a key role in this complex and elaborate scam, helping the Wilmots launder investors’ money by sending it overseas. It is only fair that his assets should now be used to provide defrauded investors with some compensation for their losses.”

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